Freshfields Bruckhaus Deringer (‘Freshfields’) has provided Hong Kong and U.S. law advice to the joint sponsors, overall coordinators and underwriters in the global offering and listing of the H shares of Guoquan Food (Shanghai) Co., Ltd. (‘Guoquan’) on the Hong Kong Stock Exchange (‘HKSE’). The transaction raised proceeds of approximately HK$411.4m (US$53m) before any exercise of the over-allotment option. Trading in the H shares commenced today (2 November 2023).
Guoquan is a leading and rapidly growing home meal products brand in China, offering a variety of ready-to-eat, ready-to-heat, ready-to-cook and prepared ingredients, with a focus on at-home hotpot and barbecue products. According to industry research, it ranked first among all retailers in China in 2022 in terms of retail sales value of home meal products. Leveraging robust supply chain and production capabilities, Guoquan offers a wide variety of home meal products under the Guoquan Shihui brand through a nationwide network of 9,844 retail stores in China as of April 30, 2023.
The Freshfields team advising on the transaction was led by partner and Head of China ECM Richard Wang and partner Howie Farn. They were supported by counsel Chris Fu and Quan Zhou and associates Jianhua Feng, Yitian Jin, Zedong Liu and Zhuolin Li.
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